[Sactor]

Hi Folks... I am appreciating all of the dicussion and information:

My situation is a bit different but frsutrating none the less. My Wife and I are close to completing all the paperwork for our divorce judgement. We currently own two homes, I live in one, she in the other however we are both on the title and mortgage both houses.

I have contacted CW to try to get them to take my souses name of my mortgage, and vice versa, only to be told :

1) you need to refinance to do that... but you cannot refinince since your mortgage is upside dwon to the tune of $60K (unless you can come up with 60K to pay off the difference.... OR

2) we can process an assumption - which will remove the other person 's name from the loan (but when i question them they admit that this will not remove the morgage liability and hence the morgage stays on each others credit record and issues oafterward by one can affect the other.
I understand this is called Simple Assumption which really does nothing for me except allow me to pay them a fee.

I have read about Novation which would have the mortgage assumed by one and the other person's name removed and all liability released.

The deal is I can afford my mortgage, and my credit score is sufficient to manage the mortgage on my own credit - so I do not want a modification, or refinance I just want to be the only one liable for my mortgage and my son to be ex responsible for her mortgage.

Has anyone heard of or managed to convince CW to remove one person from the mortgage and release liability?

Any suggestions?

My ex is looking at trying to get a short sale, and accept the 2 yr credit impact, but of course that will affect my credit... and of course if something happens to me a while later I would create similar havor on her rating.... Seems that I might be best off to do the same if my credit will get whacked anyways..

Ideas?

Thanks